Estate and Trust Planning
An estate represents a lifetime of hard work, careful planning, risk, and reward. Our clients take the task of protecting, managing, and transferring their assets very personally. So do we.
At Banks & Morris, P.A., we work closely with clients to craft smart, workable, cost-effective plan that achieves clients’ estate, gift, and probate objectives. We help our business clients protect and transfer control and ownership of their personal and business assets.
We also assist clients in planning their personal estates. Such planning requires careful and complete analysis of al tax laws, federal income, estate, gift, and generation skipping, which govern the passage of wealth. Out of that analysis, we often recommend family limited partnerships or liability companies to effectively transfer future appreciation of assets while maintaining control in our clients and lessening their tax burden; establishing trusts for a surviving spouse, children, and grandchildren to minimize taxes; or other effective ways to satisfy our clients’ present goals with future planning opportunities which will save future taxes. Many forms of charitable giving can also reduce taxes significantly.
Estate and Trust Administration
Managing the affairs of a trust or probate estate can often be an involved and, at times, a daunting prospect. Florida law requires strict adherence to various fiduciary standards, laws and regulations in the management of estates, trusts and their assets. It is here that Banks & Morris, P.A. attorneys offer tremendous assistance and guidance with and through the myriad of issues and processes that any administrator may face. This guidance and assistance does not necessarily depend on whether Banks & Morris, P.A. attorneys initially prepared the underlying trust or estate documents. Banks & Morris, P.A. draws on over ______ years of counseling and assisting clients in this area. Our experienced attorneys have represented a variety of institutional and individual clients through the procedures and potential pitfalls of fiduciary administration, culminating in successful closings and resolution of the estates, trusts or guardianships. Frequently recurring issues in these areas involve partial or interim distributions from a trust or estate, payment of necessary or appropriate expenses for or of estates and trusts (including compensation of the fiduciary and those hired by the fiduciary), post-death tax planning and the preparation and completion of income and estate tax returns, interpretation of underlying trust or estate documents, transfers of property, payment of claims, continuation and operation of a business, interactions with beneficiaries and creditors, and a whole host of other issues and potential obstacles. Based on the experience of Banks & Morris, P.A. attorneys, we approach these matters in a dedicated, creative and flexible way, always with the goal of efficient, prompt and cost effective administration consistent with the underlying governing documents and requirements of Florida Law.
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